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Oil slides as US crude, gasoline, oil inventories rise more than expected

The decline extended losses from Wednesday on uncertainty about Russia's commitment to deep oil production cuts in the lead-up to a June 9 meeting of OPEC+

oil, oil prices, brent crude, oil crisis, currency depreciation, iran oil crisis, global oil, oil firms, economy

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.The market will be looking to see if data from the US Energy Information Administration later on Thursday matches API.

Reuters Melbourne

2 min read Last Updated : May 28 2020 | 8:15 AM IST

Oil prices fell in early trade on Thursday after US crude, gasoline and heating oil inventories all rose more than expected, dousing hopes of a smooth recovery in demand from coronavirus lockdowns.

The decline extended losses from Wednesday on uncertainty about Russia's commitment to deep oil production cuts in the lead-up to a June 9 meeting of the Organization of the Petroleum Exporting Countries and its allies, dubbed OPEC+.

US West Texas Intermediate (WTI) crude futures fell as much as 5% to a low of $31.14 and were down 3%, or 97 cents, at $31.84 at 0019 GMT.

Brent crude

Topics : Oil prices sink Russia OPEC

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